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Find the Best Personal Loans in Billings, MT

When Billings residents need quick access to money for home repairs, travel or consolidating high-interest debt, they often turn to personal loans. The Billings Gazette has partnered with ConsumerAffairs to create this guide by comparing customer reviews, loan amounts and local availability of more than 25 businesses and choosing eight favorites from the top personal loan companies in Billings.

Companies pay ConsumerAffairs to be accredited, and the Billings Gazette and/or ConsumerAffairs may receive compensation when you click a link, call a number or fill out a form on this site.

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Compare Billings Personal Loan Companies

Choosing a personal loan company in Billings

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Billings residents have numerous reasons for taking out a personal loan. The cost of living in Billings is average, but some people need an extra hand when it comes to taking a vacation or renovating their homes.

Knowing what you need in a personal loan helps narrow down your options to find the company that best fits your requirements. Look at the interest rates the company offers and the loan terms. Consider what fees the company charges and its overall reputation.

Here are some typical features to evaluate:

  • A company’s minimum and maximum loan amounts: Every company sets its own minimum and maximum loan amounts, so it's essential to compare lenders to find which ones have what you need.
  • Repayment term lengths: Personal loans come with fixed repayment terms, but that doesn’t automatically mean good repayment terms. A long-term loan means you pay less monthly but more in interest.
  • Credit score requirements: Many personal loan companies prefer borrowers with a good credit score. Some companies work with borrowers who have poor credit, but these companies typically charge higher interest rates.
  • How quickly you want or need funds: Usually, it takes about seven business days to get a personal loan. The process can take more than 30 days, and some lenders get you the money in as little as one day.

Personal loan costs in Billings

The cost of a personal loan for Billings residents varies significantly based on the company you choose. Some quick loan companies charge annual percentage rates (APR) as high as 160%, while others have lower rates. On average, consumers should expect to pay around 20% APR. Be sure to request rates and terms from several companies before deciding on a loan company in Billings.

Billings personal loans FAQ

Can you get a personal loan with a credit score of 550?

Usually, you need a credit score of 600 or higher to get an unsecured personal loan. With a credit score of 550, you end up paying much more in interest.

What's the minimum credit score for a personal loan?

Most companies require a minimum credit score of 600. There are some options for people with bad or no credit, though — for example, having a co-signer on the loan.

What should I look for when getting a personal loan?

Anyone getting a personal loan should look at what makes a company the right choice for them. This includes interest rates, fees, repayment flexibility and loan terms.

Is it a good idea to take out a personal loan?

There are situations when taking out a personal loan is a good idea — for example, to consolidate debt or pay medical bills. In general, only take out a loan if you have a plan to repay it.

Does a personal loan hurt your credit?

When you apply for a personal loan, the loan company performs a hard inquiry on your credit. Hard inquiries cause a temporary dip in your credit score.

Should I take a personal loan to pay off credit cards?

If you take out a loan to pay off credit cards, make sure it benefits you in some way. Some examples are consolidating your debt or lowering your interest rate.

Can you pay off a personal loan early?

Yes, but some lenders charge prepayment fees that penalize you for paying your loan off early. Always read the fine print to make sure you don't end up paying more.

Does paying off a personal loan early help your credit?

Paying off an installment loan early neither raises nor lowers your credit score. To build your credit score, you can keep the loan open for the agreed-upon term to create a history of on-time payments.

Billings personal loan company information

Accredited Partner

Liberty Lending Group

Liberty Lending Group helps pair consumers with the lender that best fits their needs. Its financial professionals help consumers find reasonable and straightforward terms. Liberty Lending Group uses credit scores, employment and debt-to-income ratio to evaluate applicants. Consumers can apply for personal loans between $2,000 to $100,000.

Liberty Lending Group Learn More (800) 430-4715
Accredited Partner

Next Day Personal Loans

Next Day Personal Loans works with its lending partners to help customers find the company that’s right for them. Next Day Personal Loans isn't a lender. Instead, the company provides online referrals by collecting the information that lending partners look for, and the lenders make lending decisions. Consumers who are approved for a loan can get their loan as soon as the next day, but it's not guaranteed.

Next Day Personal Loans Learn More
Accredited Partner

OppLoans

OppLoans provides loans to middle-income and low-credit consumers. It offers help for bad credit loans, debt consolidation loans, no credit loans and more. OppLoans advertises quick approval, fast funding and low interest with no hidden charges or prepayment fees. Billings consumers work with OppLoans’ lending partner, FinWise Bank. A typical installment loan with FinWise Bank has repayment terms between nine to 18 months and a 160% APR.

OppLoans Learn More

Aspen Financial

Aspen Financial is owned and operated in Billings. It offers consumers loans up to $20,000 with terms as long as 48 months. Applications are taken over the phone, and customers may qualify for same-day loan funding. Aspen Financial advertises having no loan fees or prepayment penalties, and APRs range from 21% to 36%. Consumers get a free credit assessment with their application upon request. Its address is 520 Wicks Lane, Ste. 10, Billings, MT 59105.

Aspen Financial

Billings Federal Credit Union

Billings Federal Credit Union offers the option to use shares in the company as collateral for your loan. It also offers some discounts on fixed-rate loans. Interest rates vary based on the type of personal loan. The company's website encourages customers to contact an agent to receive more information. Billings Federal Credit Union is located at 2522 Fourth Ave. North, Billings, MT 59101.

Billings Federal Credit Union

Valley Credit Union

Valley Credit Union provides advisors and a local process from beginning to end. It offers flexible repayment terms and financing that fits a variety of needs. Personal loan terms can be as long as 60 months, and its APRs range from 8.49% to 17.99% The credit union has an address at 1541 Custer Ave., Billings, MT 59102.

Valley Credit Union

Altana Federal Credit Union

Altana Federal Credit Union refers to personal loans as “lifestyle loans,” stating they are usable for any purpose. Personal loans have a maximum term of 60 months with an APR between 8.49% and 16%. There are no prepayment penalties. Altana FCU has a branch at 219 N. 25th St., Billings, MT 59101.

Altana Federal Credit Union

Western Security Bank

Western Security Bank advertises competitive rates and accepts WSB certificates of deposit, real estate and other personal property as potential collateral for loans. Consumers with approved credit can also get unsecured loans. Specific amounts vary based on your credit history and are not specified on the website. Western Security Bank has a branch at 2812 First Ave. North, Billings, MT 59101.

Western Security Bank